All Forum Posts by: Joseph Graeve

Hey @Chelsea Morrissette

Congrats on taking the first steps to getting started. It only gets harder from here! but its a fun hard work, being your own boss and working for your own financial freedom not someone else's.

it took me about a year and half to find my first deal after deciding and reading my first RE investing book. BUT with the knowledge of everyone on this site you can cut down on your mistakes and make your learning curve a lot faster and hopefully get a deal much quicker. and once you get that first deal it seems that the rest of the deals come much faster. The power of momentum definitely is a factor in this business.

Let me know if you have any questions on more books to read or resources you will need for starting out.

Hey @Cody Kincaid,
Wholesalers can be a great source for deals. They are still where I find the majority of my deals. Im trying to diversify more and more finding my own deals and having some luck with that too but its hard to turn down when a deal falls right into your lap/inbox.

I think out of the 20 houses I have bought in the last 13 months exactly 10 of them have been from wholesalers. So definitely a good amount.

Are you planning on rehabbing yourself or using a general contractor or just being your own general contractor.

Let me know if you have any questions about starting out and finding/evaluating deals

Hey @Conner Carrier

Great job getting started and asking questions. Its awesome that you've already made a couple offers. The way to get deals in this game is to make a ridiculous amount of offers and not get discouraged by each NO you get. Especially don't get discouraged by the people who laugh you out of their door for offering so low. On the flip side, learn all about Lease options and seller financing so you have tools to offer people higher amounts than any other investors.

That is what I like doing. I have done close to 10 lease option/ seller finance deals some that I flipped and some that I held and did a sandwich lease option. Very profitable strategy if you can find good tenants.

Feel free to reach out and ask more questions, im always available for advice and tips.

Hey @Robert Thompson

Like Charlie said, it might be better idea to do a cash out refinance or HELOC and then use that cash to put a downpayment on the new house. You should be able to qualify for a new mortgage since you have rented the house out for the last two years because you can use that rental income as personal income.

What kind of house are you looking to buy in North Carolina? is it a great deal? is the Colorado one doing well or poorly?

A lot of hard money lenders advertise on Craigslist and google so start with there. For craigslist in the real estate and financial sections. And then also try your local REIA's.

@Steven Silva

I like your persistence. A lot of people might get scared by this deal and they might be right. It may be tight, definitely don't make a habit of doing deals this tight all the time but believing you can do it is half the battle. the 2nd half is working with the contractor to shave that 45k down to 35k or seeing if he will take a back end cut for at cost renovations.

Anyways definitely keep  running ideas past this website. I did early on with a few deals and got destroyed similar to how you just did about everything I hadn't taken into account and how bad of a deal it was. I don't think I ended up doing that deal but it did teach me a lot about all the things I was missing. That's why I love this website, nobody is afraid to tell you their opinion, and a lot of people here are realists/pessimists hahaha so it works out great for getting feedback

Keep up  the hustle.

Feel free to reach out if you have any other  questions.

Hey @Matt Ashton

I am in the military as well and stationed here at Schriever AFB.

I do a lot of investing in Colorado Springs and Denver, mainly fix and flips and have a few lease option single family homes.

How are you doing your learning. Have you read the books: Millionaire real estate investor and ABC's of real estate investing? great books. also anything by trump on the subject of real estate, especially the ones on audible where he narrates.

Id love to meet up and discuss strategies. @Daniel Eisman maybe we can combine our meeting and all meet up. What the hell, we'll just start a REIA while were at it.

Is this deal in Morrison?

I have some quotes for new builds around Denver and they come in at around $130-$140 per sqft. That was for a small 1000 sqft house in commerce city.

Cabin kit home would definitely be cheaper, but depending on the area you might be shooting yourself in the foot as far as future value goes.

Hey @Brittany Roley
It depends on how they calculated your preapproval for 417k. If they only factored in your fiancée and your income but not your mortgage payment on your house, then you probably wont be able to qualify for the 417k after all. Solution - you have to sell in order to get that downpayment money and qualify.

However if they did in fact take into account your mortgage debt and you both still qualify for 417k then you could do something like a HELOC, 2nd mortgage, or just refinance to get cash out, without selling. This would also allow you to start renting it out and have someone else pay down your principal for you.

Let me know if I answered your question and if you have any more.

@Brie Schmidt
It is in Riverdale, IL 60827

Thanks for the reply